The Real Unemployment Numbers

LINK

The bold and underlined parts say it all. The real unemployment figure stands at 14.5%. The economic situation under Obama has been an unmitigated disaster and promises to only get worse.

"Hey buddy, can ya spare a dime?"

Nope.

***strolls off to the Soup Kitchen with head down****

It's okay. Obama's got a brand new slogan and some inspiring images on his facebook page. Everything is bliss.

:voter:

Try Barry. I hope he has some change. He promised he would.

I don't like the phrase "given up looking" when what they really mean to say is "no longer qualify for UI"

Not very many have "given up looking" and even less so once their unemployment is exhausted. They just fall off the radar of the figures the government massages...ahem...uses to mislead...uh...calculate the reported rates.

Is that how it is calculated? If so, that is extremely misleading: "If you've been unemployed for long enough, you no longer count as unemployed!"

Sounds like doublespeak to me.

ever notice how they say on the news once a month "NEW applications for unemployment benefits rose/fell last month"?


Notice how they NEVER report "X number of people reached the end of their benefits and fell off the roles"?

"If you've been unemployed for long enough, you no longer count as unemployed!"

That's right. The people of Wordforge then consider you a BUM. And have no sympathy whatsoever.

To be fair, I never had any sympathy in the first place. Useless sentiments are not my department.

Not even for sick puppies??

Which changes nothing at all in the real world.

But when the government is doing it to "cook" the unemployment figures, that's an entirely different principle. I was not aware that the official unemployment figures are merely "those who qualify for unemployment compensation at this time."

UA likes to kick them down the sidewalk for his amusement.

The actual Bureau of Labor Statistics report...

Some people do "give up looking". Off the top of my head: People who had some cash set aside so they decide to focus on starting a business instead (although this is risky, because if you wind up "self-employed" you don't get unemployment any more) or renovate their house or do something else with their time. Some people go back to school and incur more student debt.

Meanwhile, having scared and enraged the groundlings on their main site, FOX Business News has created some charts for the more sophisticated investor base, starting with this one:

Well puppies, sure. That's different. I thought we were talking about people, here.

So what do you figure, guys? Are the numbers really 14.5% or really, really just under 10%? Is FOX lying to itself or just to its viewers, or is this just sloppy reportage?

More to the point, what's the Official WF Stance these days? Is a sitting President responsible for unemployment or isn't he and, if the former, what's the likelihood he'll be denied a second term?

Zombie Reagan wants to know.

The individual is responsible for his employment.

And there will be a second Obama term.

Honestly, I'd lean closer to the 14.5 on Nova's interpretation. People wind up being shunted off the rolls and becoming estimated statistics instead of regular ones.

Not that it's a new thing for any government to report a broken glass as half full.

Quite possible. It's just fun to watch the finger-pointing.

According to the article, the 14.5% figure comes from the Bureau of Labor Statistics.

And Post #15 cites the actual BoLS site. Do those numbers add up to 14.5%?

No, you posted a report that did not address the issue. HERE is a link to the BOLS site with the actual tables and figures. U6 is the entry FOX used, although one could argue that U5 is more appropriate.

So apparently there are several sets of numbers, depending on how one wants to spin it.

Actual unemployment is, and has been, hovering around 15%. That's "people who could be working but don't currently have a job" and is, at best, a rough estimate.

The policies of a President can and do have an effect on the economy at large, including the unemployment rate, but not an immediate effect. There's a lag of at least several months as policy gets translated into laws, regulations, and actions. BUT, having said that, the various financial markets can react very quickly when the President seems to have committed himself to a particular course.

Add one letter...now it's FUNemployment! Take your whole family down to the employment office, make a day of it! Have a picnic lunch!

I agree that current unemployment statistics are misleading because they leave out those who have given up looking for work. I'm about to board a flight in a minute and so I don't have time to read the report that garamet posted, but how does the 14.5% figure compare historically to this "adjusted" unemployment rate in the last decade or two? I would be interested to see that.

If anything this calls for some serious discussion about some public works projects like we had in the Depression, because there is some definite room for infrastructure improvement. But since when will government have a serious discussion about anything?

I wonder how someone like Zel would be counted?

He was laid off April 13th, hired in another dept April 20 and started work the 24th.

I guess he'd be both unemployed and a new hire?